ConocoPhillips has divested non-core belongings in the US Decrease 48 together with stakes within the Ursa and Europa fields for $1.3 billion year-to-date, in line with its quarterly outcomes printed Thursday.
These depend towards a divestiture aim of $2 billion that the oil and fuel main earlier mentioned it expects to finish within the first half of 2025. The finished portion consisted of round $600 million of offers reached at year-end 2024 plus the Ursa and Europa gross sales, accomplished this month with a worth of about $700 million.
ConocoPhillips bought its 15.96 p.c stake in Ursa and 1 p.c curiosity in Europa – positioned within the Gulf of America – to co-venturer Shell PLC. The belongings contributed 8,000 barrels of oil equal a day final 12 months to ConocoPhillips’s manufacturing, in line with its announcement of the settlement February 21, 2025.
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For Q1 2025 ConocoPhillips reported $2.85 billion in internet revenue, up from $2.55 billion for Q1 2024. The rise was pushed by larger volumes, which offset decrease costs and $2.75 billion in depreciation, depletion and amortization.
Earnings per share adjusted for nonrecurring objects landed at $2.09. That beat the $2.06 Zacks Consensus Estimate, which averages projections by brokerage analysts.
Manufacturing averaged 2.39 million barrels of oil equal a day (MMboed), in comparison with 1.9 MMboed in Q1 2024. Crude oil manufacturing totaled 1.17 million barrels per day (bpd), up from 944,000 bpd in Q1 2024. Pure fuel liquids totaled 402,000 bpd, up from 279,000 bpd in Q1 2024. Bitumen additionally elevated from 129,000 bpd in Q1 2024 to 143,000 bpd in Q1 2025. Pure fuel rose from 3.3 billion cubic toes a day (Bcfd) to 4.07 Bcfd.
The manufacturing progress was partly as a result of acquisition of Marathon Oil Corp., accomplished final November for $22.5 billion. ConocoPhillips additionally put onstream new wells within the contiguous U.S., Alaska, Australia, Canada, China, Libya, Malaysia and Norway.
ConocoPhillips expects to supply 2.34-2.38 MMboed in Q2, on par with its full-year steerage.
Gross sales and different working revenues totaled $16.52 billion, up from $13.85 billion for Q1 2024. The rise was “as a result of larger volumes of $2,027 million inclusive of gross sales volumes from our acquisition of Marathon Oil; larger fuel, bitumen and NGL realized costs of $539 million and timing of gross sales as in comparison with the prior interval”, ConocoPhillips mentioned. “The will increase in gross sales and different working income had been partly offset by decrease crude realized costs of $733 million”.
Working actions generated $6.12 billion in internet money, up from $4.99 billion for Q1 2024. Money and money equivalents on the finish of Q1 2025 had been $6.31 billion; present belongings totaled $16.91 billion. Present liabilities stood at $13.33 billion together with $608 million of short-term debt.
ConocoPhillips declared a Q2 2025 unusual dividend of $0.78 per share, the identical because the prior quarter. In Q1 2025 it distributed $2.5 billion to shareholders within the type of share buybacks ($1.5 billion) and unusual dividends ($1 billion).
“Amid a unstable macro atmosphere, we stay assured within the aggressive benefits offered by our differentiated portfolio, sturdy steadiness sheet and disciplined capital allocation framework that prioritizes returns on and of capital to shareholders”, mentioned chair and chief government Ryan Lance.
To contact the writer, e mail jov.onsat@rigzone.com
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